Mr. Jamie Levy reports

GENERATION MINING - TARGETS COPPER IN TWO PHASED EXPLORATION PROGRAM INCLUDING DRILLING AND AI

Generation Mining Ltd. has signed a contract with Boart Longyear Canada for up to 8,000 metres of exploration drilling on a number of high-prospectivity copper targets north and west of its Marathon palladium-copper project in Northwestern Ontario. Two phases of drilling as well as numerous field programs are planned. The winter program is focused on the Biiwobik prospect, which sits just north of the Marathon palladium-copper deposit, and the summer drill program includes the Four Dams and Sally targets.

The drill and crew have mobilized to site and drilling has commenced. The aim of the first hole at Biiwobik is to better define the extent of the Powerline and Chonolith domains which will aid in determining the potential to expand the Marathon palladium-copper deposit or develop a fourth pit increasing the life of the mine beyond 13.5 years.

The winter phase of the program will comprise approximately 3,000 metres and is designed to potentially extend the northern Marathon Pit, targeting an area adjacent to the north pit and extending 400 metres to the north. Highlights from the 2021 drill program (see news release dated Sept. 2, 2021) include drill intercepts of 46 metres grading 0.46 per cent copper, 1.01 grams per tonne palladium, 0.11 g/t gold and 0.17 g/t platinum starting at a depth 50 metres. These holes were drilled to follow up a 2006 hole which returned 100.5 metres grading 0.58 per cent copper, 0.93 g/t palladium, 0.1 g/t gold and 0.25 g/t platinum, starting at a depth of 215.8 metres. The 2024 drilling is designed to test the down-dip and along strike extension of mineralization to better define the upside potential of the Biiwobik prospect.

The summer phase of the program will comprise approximately 2,000 metres of exploration drilling at the Four Dams prospect and 1,000 metres at the Sally deposit.

The Four Dams prospect hosts an approximately 250-metre-wide by 60-metre-thick ultramafic pipe which contains abundant higher-density minerals such as olivine and apatite along with semi-massive to massive sulphides occurring at its base. The concentration of these higher-density minerals as well as massive sulphides is interpreted to be the result of gravity-driven accumulation of heavier minerals which often leads to the pooling of larger massive sulphide bodies at depth. A combination of down-dip drilling and borehole electromagnetic surveying will be used to vector toward these bodies. The last drill program targeting the main Four Dams pipe occurred between 2005 and 2006 with results including 0.56 per cent copper over 62.2 metres, 0.38 per cent copper over 100.05 metres and 0.35 per cent copper of 73.5 metres. The pipe has only been drilled to a vertical depth of 200 metres and remains open at depth.

A second target will be drilled approximately 275 metres southeast of the main pipe, where three holes drilled between 2013 and 2017 encountered similar rock units that make up the main Four Dams pipe, with the best results being 0.27 per cent copper over 64 metres. Borehole electromagnetic surveys carried out in 2017 and a subsequent magnetotelluric survey completed in 2020 both indicate the presence of an untested conductor immediately down dip from this intercept, which will be a focus of the 2024 drill program.

Drilling at the Sally deposit will utilize a helicopter portable drill rig and consist of a single hole totalling approximately 1,000 metres. This hole will follow up on the successful drill program carried out by Generation Mining in 2019 (see news release dated Dec. 17, 2019). A subsequent borehole electromagnetic survey at the end of 2019 and magnetotelluric survey in 2020 both indicate the presence of a large untested conductor just below the 2019 intercept. This conductor occurs along the same geological horizon which hosts extremely high-grade outcrop samples with grades up to 9.11 per cent copper, 185 g/t palladium, 2.83 g/t gold and 0.45 g/t platinum.

Additional surficial field programs are planned at Sally as well as the region between the Sally and Geordie deposits, where mapping and sampling by past operators have indicated the potential for economic copper mineralization.

The company has also engaged ALS Goldspot to carry out a 2-D prospectivity analysis of the company's entire exploration land package. This project is the culmination of over four years of data compilation by Generation Mining and will include over 60 years of exploration data from various past operators. Generation Mining will work closely with Goldspot's team of geologists, geophysicists and geochemists to prepare the data for analysis using its proprietary artificial intelligence (AI) and machine learning technology. Results from this program will help to guide exploration programs in 2024 and beyond. Pending results, a 3-D analysis will be carried out following the 2024 drill program to better define prospective targets at depth.

Generation Mining's chief executive officer Jamie Levy stated, "We are excited to follow up on the positive drill results from the summer 2021 program to better understand our land package and its potential to contain copper-rich deposits."

About Generation Mining Ltd.

Generation Mining's focus is the development of the Marathon project, a large undeveloped palladium-copper deposit in Northwestern Ontario, Canada. The company released the results of the feasibility study update on March 31, 2023.

The feasibility study update estimated a net present value (using a 6-per-cent discount rate) of $1.16-billion, an internal rate of return of 25.8 per cent and a 2.3-year payback. The mine is expected to produce an average of 166,000 ounces of payable palladium and 41 million pounds of payable copper per year over a 13-year life of mine (LOM). Over the LOM, the Marathon project is anticipated to produce 2,122,000 ounces of palladium, 517 million lb of copper, 485,000 ounces of platinum, 158,000 ounces of gold and 3,156,000 ounces of silver in payable metals.

The Marathon property covers a land package of approximately 22,000 hectares, or 220 square kilometres. Generation Mining owns a 100-per-cent interest in the Marathon project.

Qualified person

The scientific and technical content of this news release was reviewed, verified and approved by Drew Anwyll, PEng, MEng, chief operating officer of the company and a qualified person as defined by Canadian Securities Administrators' National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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